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Jan 17, 2013
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the bank of america is a law firm masquerading as a lending institution. citigroup, still has a ton of dicey loans and not unlocking reserves, company is very cob servetive, not ready to return capital to shareholders, and you who knows how new management feels about emerging markets? and when you sack the cheap proponent of the go global strategy, and you put in a conventional bank, what does that say about the entire fund of the investing thesis? these two come on the heels of numbers from j. prchlp. morgan wells fargo. but the action so to speak in the stock market is about the regionals. bb & t and citigroup, the numbers not that much better than the big boys. they are being rewarded instant well higher prices because they are perceived excellent, clean, noncoto versial ways to play the housing recovery. and they seem to be in better shape whether it comes to regulators and legal wranglings and clearly able to make more money than the money centers as a percentage of growth when things get better. more money, fewer problems and are getting better as ke
the bank of america is a law firm masquerading as a lending institution. citigroup, still has a ton of dicey loans and not unlocking reserves, company is very cob servetive, not ready to return capital to shareholders, and you who knows how new management feels about emerging markets? and when you sack the cheap proponent of the go global strategy, and you put in a conventional bank, what does that say about the entire fund of the investing thesis? these two come on the heels of numbers from j....
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Jan 18, 2013
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the bank of america is a law firm masquerading as a lending institution. benjarvus, green-ellis, merrill lynch. citigroup, still has a ton of dicey loans and not unlocking reserves, company is very conservative, not ready to return capital to shareholders, not yet. and you who knows how new management feels about emerging markets? the former ceo, that's what made citigroup special for me, but when you sack the cheap proponent of the go global strategy, and you put in a conventional banker, what does that say about the entire fund of the investing thesis? very little. these two come on the heels of numbers from jpmorgan and wells far fargo. but the action so to speak in the stock market is about the regionals. wells owns 30% of domestic market. getting stronger every day. bb & t and citigroup, the numbers not that much better than the big boys. it's clear they are being rewarded instantly with higher prices because they are perceived as excellent, clean, noncontroversial ways to play the housing recovery, which we are seeing, almost a million housing starts
the bank of america is a law firm masquerading as a lending institution. benjarvus, green-ellis, merrill lynch. citigroup, still has a ton of dicey loans and not unlocking reserves, company is very conservative, not ready to return capital to shareholders, not yet. and you who knows how new management feels about emerging markets? the former ceo, that's what made citigroup special for me, but when you sack the cheap proponent of the go global strategy, and you put in a conventional banker, what...
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Jan 22, 2013
01/13
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if it does reach the president's desk, he would not stand in the way of the bill becoming law. >> this is the president trying to resolve the jitters of the market over this and the potential threat to the economy. we have to first see whether or not house republicans can pass this proposal. there is some uncertainty about that. one member of congress told me he thought some members on the right might take it down. once that happens, we have to see what happens in the senate. clearly the president is sending a positive signal of encouragement to republicans that this is the kind of compromise i'm looking for. >> john, we were saying this at the top of the show, it's short-term spackle. it is not solving anything at all. we're pushing it out, kicking it down the road. >> that is true, but it's significant that the republicans broke the link between raising the debt limit and dollar for dollar spending reductions. john boehner articulated that principle in 2011. that became a huge barrier to the debt limit in 2011, because getting those cuts identified was very difficult, would probably
if it does reach the president's desk, he would not stand in the way of the bill becoming law. >> this is the president trying to resolve the jitters of the market over this and the potential threat to the economy. we have to first see whether or not house republicans can pass this proposal. there is some uncertainty about that. one member of congress told me he thought some members on the right might take it down. once that happens, we have to see what happens in the senate. clearly the...
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Jan 17, 2013
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a law professor of university of kansas brought into the obama administration and he started implementing some of the behavioral economic incentives in government programs. i think run out of washington. but university of baylor. austin ghoulsby, obama's economic adviser, he was more closely in line with helping people make their decisions. >> go i head, sorry. >> this is getting worse with time when you talk about the consumer and one for instant gratification. when you think about it, a lot of people say, i'm not going to wait on line because i can go on-line and shop in my comfort of my own home. it is getting worse and worse. and economics change with that. >> i think that's exactly right. i think there is this old sense that psychology is psychology and economic is economics and neurology is neurology. they wsht allowed it play with each other and learn from each other. economists are good at explaining about why we make decisions and how we choose. they don't just listen to classical economic series. they use psychology. they say, how are our biases decisions make me rational and --
a law professor of university of kansas brought into the obama administration and he started implementing some of the behavioral economic incentives in government programs. i think run out of washington. but university of baylor. austin ghoulsby, obama's economic adviser, he was more closely in line with helping people make their decisions. >> go i head, sorry. >> this is getting worse with time when you talk about the consumer and one for instant gratification. when you think about...
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Jan 24, 2013
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but, it is not enough to change the law. we also need cops on the beat to enforce the law. and that's why today i am nominating mary jo white to to lead the security and exchange commission and richard cordray to continue leading the protection bureau. this guy is bothering me here. mary jo white was a big fan of the hardy boys. i was too, by the way. she built a career the hardy boys could only dream of. over a decade as u.s. attorney in new york. she helped prosecute white collar criminals and money launderers. in the early 1990s she brought down john gotti, head of the gambino crime sendcate and brought those those who brought down the world trade center in 2007. as one form ear sec chairman said, mary jo does not intimidate easily and that's important because she has big job ahead of her. the sec played a critical role in protecting our financial system during the worst of the financial crisis. but there's much more work to be done to complete the task of reforming wall street and making sure that american ip vestoinve are better informed and protected. we need to be su
but, it is not enough to change the law. we also need cops on the beat to enforce the law. and that's why today i am nominating mary jo white to to lead the security and exchange commission and richard cordray to continue leading the protection bureau. this guy is bothering me here. mary jo white was a big fan of the hardy boys. i was too, by the way. she built a career the hardy boys could only dream of. over a decade as u.s. attorney in new york. she helped prosecute white collar criminals...
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Jan 25, 2013
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this is a very dangerous and i would argue rather unamerican approach to criminal law. terrorists get ahold of explosive device and suicide bombs and they still continue to get ahold of them. it doesn't mean as a society well because some bad people got a hold of them we should never ban it. >> we have a healthy skepticism. it's reasonable -- >> there's a constitutional amendment that specifically talks about the right to keep and bear arms. that is unusual probably in the world but it is, i think, very important for not only militias but individuals. >> there are other ways to go about this besides trying to ban all weapons which is what miss feinstein says. let me ask you quickly, bill braddon the top cop has said it's the ammunition clips, the magazines. that's something that worries him. he wants to see registration and licensing and he wants to see universal background checks and very tough criminal penalties for people who break gun laws. i've thrown a lot at you kate. can you buy into any of that? i think the nra can buy into that. >> the nra buys in to backgroun
this is a very dangerous and i would argue rather unamerican approach to criminal law. terrorists get ahold of explosive device and suicide bombs and they still continue to get ahold of them. it doesn't mean as a society well because some bad people got a hold of them we should never ban it. >> we have a healthy skepticism. it's reasonable -- >> there's a constitutional amendment that specifically talks about the right to keep and bear arms. that is unusual probably in the world but...
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Jan 22, 2013
01/13
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if it does and reaches the president's desk he would not stand in the way of the bill becoming law. >> the bottom line, of course, is that having broken the link between specific spending cuts and specific dollar increase in the debt ceiling it becomes easier for congress to shift the fight over spending and taxes and revenue on to different ground. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might even accept the sequester. some of the stakes appear to be fading from these disagreements that paralyzed washington at the end of last year. >> when i heard this original deal profrksd i thought it was on the condition that the senate eventually congress had to actually pass a budget finally. >> that's still on the table. >> that is still on the table. a little bit less clear is the fate of the idea that somehow pay would be suspended for members of congress if they don't pass a budget. >> right. >> there are questions about the constitutionality of that provision, but the entire provision is to try
if it does and reaches the president's desk he would not stand in the way of the bill becoming law. >> the bottom line, of course, is that having broken the link between specific spending cuts and specific dollar increase in the debt ceiling it becomes easier for congress to shift the fight over spending and taxes and revenue on to different ground. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might...
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Jan 22, 2013
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on the 27th, current law on the government funding runs out that forces a drama over a continuing resolution, or you face the risk of a government shut down. on april 15th, that's the date by which the house would force congress to pass a budget or see their pay cut. the risk there, of course, is members of congress might have to go quite some time without a paycheck. tyler? >> thank you very much, eamonn. >>> the gop originally wanted to tie the debt limit raise to spending cuts. so are republicans backing down as some in their own party say or is it just a shift in tactics? scott garrett is back with us, a republican from new jersey and vice chair of the house budget committee. welcome back. great to see you again. >> good to be back with you. >> happy new year. >> there are some people including senator rand paul of kentucky who say that at your conference last week in williamsburg you retreated on the debt ceiling issue. is that a fair characterization? if so, was it a change of heart or a change of tactics? >> i didn't hear rand's comment as far as that is concerned. i think what the go
on the 27th, current law on the government funding runs out that forces a drama over a continuing resolution, or you face the risk of a government shut down. on april 15th, that's the date by which the house would force congress to pass a budget or see their pay cut. the risk there, of course, is members of congress might have to go quite some time without a paycheck. tyler? >> thank you very much, eamonn. >>> the gop originally wanted to tie the debt limit raise to spending...
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Jan 18, 2013
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i am very, very concerned about this health care -- new health care law. it is already going to cost me millions in my current budget to implement it, effective 200014. >> why is it costing you millions? what's the source oaf that expense? >> the source of the expense is the current growth in the medicaid program. once it begins this 2014 they'll try to have a number of people sign up for the current medicaid program. in my state, that'll be about $72 million. >> and are your businesses going to essentially take the penalty rather than the mandate and put their workers on to the so-called exchange? >> you know, i don't think we know the answer to that question yet. there's so much uncertainty and unknown. our businesses are still trying to figure it out. but i do know this. they're very, very concerned about the cost of obama care. >> all right. we'll leave it there. governor dave heinman of nebraska. good luck and thanks for coming on. >>> now talk about a p.r. nightmare. boeing 787 dreamliners remain grounded around the world tonight. but did the stock b
i am very, very concerned about this health care -- new health care law. it is already going to cost me millions in my current budget to implement it, effective 200014. >> why is it costing you millions? what's the source oaf that expense? >> the source of the expense is the current growth in the medicaid program. once it begins this 2014 they'll try to have a number of people sign up for the current medicaid program. in my state, that'll be about $72 million. >> and are your...
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Jan 18, 2013
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appeals court upheld the wisconsin law limiting collective bargaining by unions. in a decision handed down moments ago the circuit court reversed a portion of the lower court ruling that avoided part of the 2011 law championed by wisconsin governor scott walker. all in although, looks like a win for wisconsin. all right, time for things that make you go hmm. and today's number, 10.9 million. that is the number of people receiving social security disability insurance as of december 2012. that, my friends, 80% more than were on the program just eight years ago. and our second -- it is two for try, mandy. and our second to make you go hmm, is 6%. that's the number of people who went off disability and returned to work last year, according to forbs. next week we will dig into the numbers and ask why. some say it is a grej owth of wn in the workplace. otheris say there is a lot of fraud out there. we will get to the bottom of it. >> we certainly will. in the meantime, let's get to herb. a red flag on some high-flying stocks. i would like to know, a what makes them look
appeals court upheld the wisconsin law limiting collective bargaining by unions. in a decision handed down moments ago the circuit court reversed a portion of the lower court ruling that avoided part of the 2011 law championed by wisconsin governor scott walker. all in although, looks like a win for wisconsin. all right, time for things that make you go hmm. and today's number, 10.9 million. that is the number of people receiving social security disability insurance as of december 2012. that,...
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Jan 18, 2013
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be on condition that the house and senate both passion a budget which they are supposed to do under law by that point anyway, and finally it would take an approach of no budget, no pay if the congress refused to do that. here's the response from senate democrats. they said, no, we will consider a clean debt limit extension without any conditions if the house sends us one, so they are trying to keep the pressure on. the white house says we're encouraged that republicans appear to be backing off their determination to hold the u.s. economy hostage to its budget plans. now, democrats are feeling like they are making progress now. the question is going to be can republicans push this through the house in order to put pressure on democrats to compromise on terms? one republican member told me this afternoon that this is -- this might fly, but it's something that was put together haphazardly. we've not done a whip count. this could turn into plan "b" for speaker boehner. that's what we're watching next week. the good news is for markets though. it does appear we're moving, if not steadily, ma
be on condition that the house and senate both passion a budget which they are supposed to do under law by that point anyway, and finally it would take an approach of no budget, no pay if the congress refused to do that. here's the response from senate democrats. they said, no, we will consider a clean debt limit extension without any conditions if the house sends us one, so they are trying to keep the pressure on. the white house says we're encouraged that republicans appear to be backing off...
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Jan 17, 2013
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larry, it doesn't make any sense to make it harder for law-abiding people to get guns. it's the criminal doing the crime. >> it certainly does. >> they are not military grade. it's such a canard. these are not military grade weapons. they look scary to liberals. >> look -- >> hang on one second. look, i don't know what the answer is. i'm just saying i'm speculating here and i may be dead wrong. there are loopholes. here in new york state if you have a pistol grip you can't by the automatic but if you don't have the pistol grip you can. i'm not sure in what the details of this is. i just want to inject that. i'm not taking a position but i'm saying -- >> it's all cosmetic. >> we got to figure out something. >> look, we have to be concerned about newtown and columbine and concerned about what happened at the theater in colorado and what's happening in chicago. and the reality is that this will go a lot further than the gun lobby has let us go in a very long time. >> larry, with all due respect, you know what's happening in chicago? children are being killed in chicago by
larry, it doesn't make any sense to make it harder for law-abiding people to get guns. it's the criminal doing the crime. >> it certainly does. >> they are not military grade. it's such a canard. these are not military grade weapons. they look scary to liberals. >> look -- >> hang on one second. look, i don't know what the answer is. i'm just saying i'm speculating here and i may be dead wrong. there are loopholes. here in new york state if you have a pistol grip you...
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Jan 18, 2013
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resolutions by april 15th which is supposed to be the case already but it's a deadline often missed in the law right now. and if members don't do that, if the house and senate don't pass budget resolutions their pay would be withheld so the slogan for republicans is going to be no budget and no pay. now this is an attempt by republicans to get past the potential blame that would be associated with not raising the debt limit but it is not a long-term extension of the debt limit. that is still a card that republicans are holding back. this is something that john boehner has now agreed to. he just put out a statement as i was sitting down in the chair to that effect and it's indicated if there is going to be a long-term extension of the debt limit there is going to have to be spending cuts and the purpose of the budget, requiring the budget resolution is to try to flesh out what some of those spending cuts would be. >> presumably that would pass the republican controlled house. what do you think the reaction would be in the democratic controlled senate? >> i just got off the phone with a democrat
resolutions by april 15th which is supposed to be the case already but it's a deadline often missed in the law right now. and if members don't do that, if the house and senate don't pass budget resolutions their pay would be withheld so the slogan for republicans is going to be no budget and no pay. now this is an attempt by republicans to get past the potential blame that would be associated with not raising the debt limit but it is not a long-term extension of the debt limit. that is still a...
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Jan 17, 2013
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, but in the end it's a law firm, associates and partners. the international consumer trends i like, but citi moved a lot. you always want your banks to put on a best face. anyone who went through the conference call -- actually there's more hue mill to goldman. there was a noeshs things are great. i look at these and it's like, well, i'm trying to understand international. this is a bank in flux, citi, i think it's trying to fish out what it is. when it does, the stocks will go higher. >> i think there was a higher expectations, and that may have impacted the number. as you say, just going through the numbers. debt valuation adjustment, 485 million, a billion repositioning charge, legal charges of 1.3 billion, reserve releases, i want only 86 million, 'opposed to an expectation. it will be tenfold that, so you end up with the number, but we'll see. >> -- >> david, would you characterize it as a pandit quarter or corbett quarter? >> i would like to see how corbett would -- corbat would characterize it. we'll still be dealing with dba for a wh
, but in the end it's a law firm, associates and partners. the international consumer trends i like, but citi moved a lot. you always want your banks to put on a best face. anyone who went through the conference call -- actually there's more hue mill to goldman. there was a noeshs things are great. i look at these and it's like, well, i'm trying to understand international. this is a bank in flux, citi, i think it's trying to fish out what it is. when it does, the stocks will go higher....
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Jan 17, 2013
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the law itself is 2,500 pages. most of them missed the point. for example, we haven't dealt with the too big to fail issue in an adequate way. we haven't dealt with fannie mae and freddie mac and the housing in an adequate way. we have too many regulators that are -- the system is too frag managemented and it's too poe lit sized. there's a lot of things we should have done ta dodd frank didn't do. i'm all in favor of very strong regulation, but we didn't get it with dodd-frank. i think with dodd-frank all we got was excessive and ineffective regulation and we haven't fixed our system. >> wa about the inof banker pay? is it structured in a way that creates problems and different vulnerabilities within the banking industry? would you reform it? and how so? >> i couldn't quite hear that question. we don't have a great connection the. >> sorry, bill. we apologize for all the issues. i lastly wanted to ask you about banker pay. compensation is in focus here. does it need to be reformed? if so, how? >> i think i heard you talking about compensation an
the law itself is 2,500 pages. most of them missed the point. for example, we haven't dealt with the too big to fail issue in an adequate way. we haven't dealt with fannie mae and freddie mac and the housing in an adequate way. we have too many regulators that are -- the system is too frag managemented and it's too poe lit sized. there's a lot of things we should have done ta dodd frank didn't do. i'm all in favor of very strong regulation, but we didn't get it with dodd-frank. i think with...
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Jan 18, 2013
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there are always regulations, laws that you can impose to make sure stuff doesn't happen or does happen. it's a lot easier than when you're trying the win midterm elections. >> the first report on january consumer sentiment is out at 9:55 a.m. eastern. forecasts call for a reading of 75.5 up three points from december. we'll look at earnings from general electric, morgan stanley, schlumberger, johnson controls, state street and suntrust bank. >>> the outgoing treasury secretary, whose last day on the job is january 25th, tells "the wall street journal" the u.s. is well ahead of other countries in balancing the financial system. geithner says the u.s. has more diversity of strength from energy to high tech and the public should find comfort and optimism in that. but, rob, the public is not finding much optimism, are they? >> they shouldn't, given that we didn't get the fiscal cliff deal that we thought we did on january 1st. we got a mini deal. it looks like rubbish. they shouldn't be desperately optimistic. other things are going right. stock prices have been reasonably buoyant. the gas
there are always regulations, laws that you can impose to make sure stuff doesn't happen or does happen. it's a lot easier than when you're trying the win midterm elections. >> the first report on january consumer sentiment is out at 9:55 a.m. eastern. forecasts call for a reading of 75.5 up three points from december. we'll look at earnings from general electric, morgan stanley, schlumberger, johnson controls, state street and suntrust bank. >>> the outgoing treasury secretary,...
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Jan 22, 2013
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government has come out today and said that no, we don't need to think about revising the bank of japan law. it was a threat they had out there before this statement came out. i think that independent story is something we can forget about for the time being. i think the interesting point is that monetary policy, anyone will tell you, has its limitations. especially in a country like japan. i think the onus is going to start shifting to the government itself and the government is looking ahead to an election, as we talked about many, many times. and here becomes the tricky part because they're trying to embark on structural reforms, they're talking about tax reforms, as well. this will be a multi layered process and hopefully they'll be in power long enough to deliver some of those changes. i think the market was expecting for the bank of japan to come in .deliver everything that was going to solve all of japan's problems after decades of recession, then they were probably misguided. but for the moment, the reaction we're getting from people who were watching japan is they probably took as
government has come out today and said that no, we don't need to think about revising the bank of japan law. it was a threat they had out there before this statement came out. i think that independent story is something we can forget about for the time being. i think the interesting point is that monetary policy, anyone will tell you, has its limitations. especially in a country like japan. i think the onus is going to start shifting to the government itself and the government is looking ahead...
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Jan 25, 2013
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says the person who sold it to you hasn't violated the law. >> that's not to say khuzami and company haven't been tough on wall street. the s.e.c. said since he took the job in 2009 more than 150 people have been charged and 2.6 billion dollars recovered include ago a record $550 million settlement with goldman sachs in a case all about disclosure in the financial crisis. >> as someone who's sat on both sideses of the table as general counsel on wall street and the director of enforcement here, is there truth to what people perceive that banks look at fines as a cost of doing business? >> in this case, no. this involves time and a expense in the investigation. shareholders demanding activity and may sue you. every justice department case is significant. >> a lot of people feel -- individual investors feel the game is rigged now. do they have a point. >> whether it's rigged that it's fraudulent, that's one question. if not, there needs to be greater transparency in order to give the public the faith that this is a level playing field and get them back on the market. >> that issue is o
says the person who sold it to you hasn't violated the law. >> that's not to say khuzami and company haven't been tough on wall street. the s.e.c. said since he took the job in 2009 more than 150 people have been charged and 2.6 billion dollars recovered include ago a record $550 million settlement with goldman sachs in a case all about disclosure in the financial crisis. >> as someone who's sat on both sideses of the table as general counsel on wall street and the director of...
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Jan 17, 2013
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what kind of penalty do you get if you don't follow the law? monetary, of course. but basically that depends on what the issue is and what you did wrong. i'm not going to put any number on anything. but it depends on what you do. but they're going to go after you. i asked richard core dra cordri they were going to do and he said they would be aggressive, they would look at the books. >> when we come back, we will have more on the latest developments on the international hostage crisis in nigeria. there were reports this morning that some workers have skapd. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> welcome back to "squawk box." s&p 500 off marginally. the dow would he 16 points lower. some of the hostages being held at a natural gas field in algeria have escaped. algerian tv says 15 foreign hostages have made it out, including two
what kind of penalty do you get if you don't follow the law? monetary, of course. but basically that depends on what the issue is and what you did wrong. i'm not going to put any number on anything. but it depends on what you do. but they're going to go after you. i asked richard core dra cordri they were going to do and he said they would be aggressive, they would look at the books. >> when we come back, we will have more on the latest developments on the international hostage crisis in...
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Jan 22, 2013
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of situations, and the board is coming down trying to say that this is just an extension of existing law, making it apply to new technology. there was a case, his pan igs united of buffalo, a nonprofit social services provider where a caseworker threatened to complain to the boss that others, other employees weren't working hard enough. one worker, mariana cole rivera posted a facebook message saying my fellow coworkers, how do you feel? four other people came back with sometimes angry, expletive laden responses. what the hell, we don't have a life as is. try to do my job, those five workers were fired. for posting those things, and the nlrb said that that is not okay. that this is free speech, they're allowed to vent, as they called it, and it's okay, and they had to be reinstated with their positions. now there were some other situations where the board said this is not free speech. they cracked down where a newspaper reporter, a homicide reporter at the arizona daily star in tucson posted some things saying, what? no overnight homicides? you're slacking, tucson. and another began by s
of situations, and the board is coming down trying to say that this is just an extension of existing law, making it apply to new technology. there was a case, his pan igs united of buffalo, a nonprofit social services provider where a caseworker threatened to complain to the boss that others, other employees weren't working hard enough. one worker, mariana cole rivera posted a facebook message saying my fellow coworkers, how do you feel? four other people came back with sometimes angry,...
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Jan 25, 2013
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. >> why, do you think people are going to stick around, people -- >> it just is the law. i don't know what's. when it gets overloved and is people have been recommending -- remember on the way up people were saying, i don't like apple, i don't like google. i'm doing a spread because microsoft pays the dividend. the dividend is 3.3%. that's the kind of problem i think that these tech stocks grow to the sky. people think it's a tree and it's going to grow like jack and the bean stock. still, how many times -- microsoft shares, $27. it's just has been there for so long. let's look at at&t. i don't know what that means for am. did you see the final straights yesterday in apple? >> though. >> like down 65, i think. i don't know. down around $450. and who knows what -- now, you read the commentary. >> there it is. netflix shares are worth more than apple the. >> what? >> i don't know. it says that company is going to be worth more. >> wow. >> no idea. this is you, you talking. >> at&t also out with its earnings yesterday. came in the fourth quarter loss. but when you exclude th
. >> why, do you think people are going to stick around, people -- >> it just is the law. i don't know what's. when it gets overloved and is people have been recommending -- remember on the way up people were saying, i don't like apple, i don't like google. i'm doing a spread because microsoft pays the dividend. the dividend is 3.3%. that's the kind of problem i think that these tech stocks grow to the sky. people think it's a tree and it's going to grow like jack and the bean...